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vt90

Joined: 12/12/1998 Posts: 44906
Likes: 24266

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Not gone ...


but could be limited if you have a REALLY large loan. State and local (property) tax deductions are limited to $10k but charitable deductions (except for the one to the Hokie Club) are still good. I think there are some changes to home equity loans as well. For a lot of people, the standard deduction will exceed itemized deductions.

Overall almost everyone (outside of high earners in places like CA, NJ, NY, CT) will see a decrease in their overall taxes. The AMT is going to get calculated differently and the tax brackets are not only lower, but they are wider so a FAR greater percentage of your income will get taxed at lower rates. So even though you will be able to deduct less (thereby raising your taxable income), your overall tax bill will decrease.

Man ... my new accountant has got it goin on!

(In response to this post by Brown Water)

Posted: 01/30/2018 at 3:19PM


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Current Thread:
 
  TAX Question: 1st time home buyer -- darnellm 01/30/2018 2:46PM
  This IRS link seems to say, "no" -- BB Hokie 01/30/2018 3:05PM
  Simple solution. Annulment, buy house, remarry... ** -- hokiehunter07 01/30/2018 4:33PM
  Fairly certain that definition is defined by each lender. ** -- riosvt 01/30/2018 2:56PM
  Shun ** -- Brown Water 01/30/2018 2:56PM
  Don't know the answer, but -- VTSnake 01/30/2018 2:51PM
  Nope. -- Hokie CPA 01/30/2018 4:47PM
  Of course many people even with interest never got to -- fordham 01/30/2018 4:39PM
  Mortgage interest is gone next year? When did this happen? ** -- Brown Water 01/30/2018 2:57PM
  Time to pay the house off ** -- 83Hokie 01/30/2018 5:25PM
  When the tax bill doubled the standard deduction to 24K ** -- grill to chill 01/30/2018 3:36PM
  Not gone ... -- vt90 01/30/2018 3:19PM
  Possibly limited depending on income and home value, but not gone. ** -- RoswellGAHokie 01/30/2018 2:53PM

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